The company is now ready to issue Visa debit cards and launch its app, bringing financial services together in one digital space. According to data put forth in the press release, 94% of UK working professionals have money worries. Frost’s aim is to take the stress out of money management through its app. Customers can use it to send and receive money, view a breakdown of their spending by category, ‘freeze’ a certain amount of money to keep aside for savings, and switch energy providers.
Today, the average person in the UK spends almost GBP 200 a month on ‘impulse purchases’, according to the e-money company. Within the Frost app, users can keep track of money coming in and out, and set up notifications on suggested ways they can make savings each month. It also provides a way for people to reduce their carbon footprint, by suggesting alternative utility providers that align more closely with their values.
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